Foreclosure / Modification

Frequently Asked Questions

...about our loan modification program

What is a Mortgage-Modification? Is this a refinance? Are there closing costs?

A mortgage-modification is re-structuring (making changes to) the terms of your existing mortgage. It is not a refinance, and there are no closing costs.


Is my credit score, current home value, or available equity factors for qualification?

Short Answer: No.

Long Answer: While these are not factors for qualification, significant equity in a home may impact negotiation or qualification.


Why are your success stories so varied, as opposed to just simply lowering the interest rate?

All cases are unique! Call to speak with us if you have additional questions on this.


Will the term of my mortgage be extended as a result of the modification?

Normally no; however, there are situations where the term may be extended.


Who is a good candidate for a mortgage-modification?

Any homeowner who is having a hardship. Good examples include:

a) Home-owners who have had an ARM reset higher; experienced a job loss or loss of 2nd income; experienced a divorce; caring for an elderly parent; experienced a sickness or incurred medical expenses; other hardship where loss of income or increased expenses have occurred.

b) Business-owners whose personal income has decreased as a result of a drop in business revenues.


Does a mortgage-modification effect my credit score?

It depends. A mortgage-modification does not affect your credit score as long as the modification is completed before late payments begin.

What information do you need in order for me to get started on my mortgage-modification?

1. Information on your current mortgage, including: Principle Amount; Interest Rate; Mortgage Term; Monthly Payment (with & without escrows); Annual Taxes; Mortgage Lender; Loan Origination Date; Is Homeowners Insurance escrowed?; Explanation of hardship. Provide this information for each mortgage note.

2. Supporting documentation, including: Last years tax return; Last four pay-stubs or unemployment stubs; Last four bank statements; Current mortgage statement.

3. Payment: Check or credit card.


What are your recent success stories?

Please refer to the Case Studies tab for recent success stories.


Ok, so you've had successes; but what failures have you had?

None to date. Our attorneys review each case, prior to accepting it. They will inform you up front if they feel that your situation does not warrant a modification.


Can I do this myself, rather than incur the expense of an attorney?

Yes, but its not recommended. Remember - the bank represents THEIR OWN interests; we represent YOURS.

Below is the true story of a homeowner who "saved" money by going directly through their mortgage lender.

On the first call, and after being on hold for almost 30 minutes, the homeowner was able to lower his $2,400 monthly mortgage payment by $400 for a period of six months; after which, the payment reverted back to its original amount.

Important: The $2400 "saved" ($400 x 6 months) was added to the back end of the mortgage.

After six months, the homeowner was free to negotiate with the bank again.

Would you rely on the word of the IRS auditor, or hire a good tax attorney or accountant to be in your corner during an audit?


Tell me about the attorneys?

The "Mod-Squad" as we refer to them are a small yet elite network of attorneys that specialize in real estate law and are experienced in loan modification, foreclosure mediation and debt forgiveness. Our coverage area consists of New Jersey and New York for both residential and commercial mortgages.

Foreclosure / Modification


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